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Speaker 1: This has been a big Daybreak Europe for this Friday,

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Speaker 1: the twenty fourth of February in London. Coming up today,

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Speaker 1: a year after Russian tanks rolled into Ukraine. The war

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Speaker 1: that has had global ramifications shows no signs of ending.

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Speaker 1: Controlling the curve, the man lined up to be the

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Speaker 1: next boj governor hints at a policy shift looking for

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Speaker 1: the positives. UK consumer confidence sees its sharpest rebound in

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Speaker 1: almost two years. Cut price, golden passports, the UK carbon

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Speaker 1: capture power plant at risk, and salad imports down by half.

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Speaker 1: Those are the stories we're looking at in today's papers.

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Speaker 1: And I'm Leanne Gerns Class. The EU Commission calls time

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Speaker 1: on TikTok. Staff are told to delete the Chinese own

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Speaker 1: social media app. That's all straight ahead on Bloomberg Daybreak Europe.

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Speaker 1: The business news you need to start your day in

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Speaker 1: just one fifteen minute podcast on Apple, Spotify, the Bloomberg

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Speaker 1: Business App and everywhere you get your podcasts. Good morning.

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Speaker 1: I'm Stephen Carroll and I'm Caroline Heitker. Here are the

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Speaker 1: stories that we're following today. The former UN diplomat Mark

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Speaker 1: Marlock Brown says there's currently no basis for peace talks

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Speaker 1: to resolve the Russia Ukraine conflict. This is China has

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Speaker 1: called for a ceasefire between the sides and a twelve

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Speaker 1: point proposal to end the war, which began a year ago. Today,

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Speaker 1: Malok Brown is till Daybreak Europe that there are risks

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Speaker 1: in how China uses its influence over Russia. China has

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Speaker 1: that over Russia, and so let's not rule out could

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Speaker 1: be a force for bringing Russia to the peace table,

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Speaker 1: not least because you know Putin is anxiously seeking armed

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Speaker 1: supplies from China. But you know, there is a risk

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Speaker 1: that China instead goes the sort of easy route, if

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Speaker 1: you like, and just helps stock up the armed supply,

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Speaker 1: and that would be a really challenging and dangerous development.

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Speaker 1: Mark Mark Bran is now president of the Open Society Foundations.

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Speaker 1: We'll be getting more from Kiev and the latest on

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Speaker 1: the war and its impact on Ukraine in a few

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Speaker 1: minutes time, and that impact is being felt all across

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Speaker 1: the continent. Almost eight million Ukrainian war refugees remain in Europe,

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Speaker 1: according to data from the UN. We've been speaking to

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Speaker 1: one of them, Arena Kobatova. You know, the most difficult

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Speaker 1: thing in all the situation is that all our real estate, cars,

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Speaker 1: everything we had previously, it was left in Ukraine. And

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Speaker 1: you know, you have always this deep feeling that you

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Speaker 1: could never earn for this in new country, in new place,

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Speaker 1: from any position. You understand that you have to start

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Speaker 1: from the start. Arena Kobatova there well, she has made

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Speaker 1: a new life for herself working for JP Morgan in Poland,

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Speaker 1: part of a program the bank initiated full refugees. The

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Speaker 1: nominee for Governor of the Bank of Japan, Cazuuaeda, says

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Speaker 1: the central Bank will need to consider normalizing policy if

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Speaker 1: the outlook for prices improves, but he is back in

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Speaker 1: continuation of stimulus for now. There are positive developments in

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Speaker 1: the inflation trend, but there's some distance to achieving two

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Speaker 1: percent in a stable manner. Once the stable two percent

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Speaker 1: goal comes into sight, the BOJ can move towards normalization.

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Speaker 1: That's the nominee for the Governor of Bank of Japan, Cazuuaeda,

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Speaker 1: speaking through a translator during the parliamentary hearing is part

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Speaker 1: of his appointment process. Auaeda says the Center Bank would

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Speaker 1: stop its massive bond buying program if it reached its

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Speaker 1: target of stable two percent inflation. Now investors are counting

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Speaker 1: down to the latest reading of the Federal Reserves preferred

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Speaker 1: inflation gauge. Ahead of that data print, JP Morgan CEO

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Speaker 1: Jamie Diamond told CNBC that high rices are so insidious

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Speaker 1: that they could hurt growth for ten years, and out

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Speaker 1: in front of us, there's some scary stuff. Meanwhile, the

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Speaker 1: former Tursury sectually Larry Summers says he also sees worrying

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Speaker 1: signals for the US economy as the figures have come

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Speaker 1: in and particularly the figures on nine housing services look

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Speaker 1: to be running way above target level. I think the

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Speaker 1: chances of a soft landing, which looked to be getting

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Speaker 1: better a couple of months ago, I think are now

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Speaker 1: receding a bit that was the former Tursury secretary Larry Summers,

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Speaker 1: speaking to Bloomberg's Wall Street Week anchor David Weston. Bloomberg

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Speaker 1: has learned that Deutsche Bank looked at buying parts of

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Speaker 1: Credit Suiss Groups assets before the Swiss bank announced its

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Speaker 1: overhaul last year. Su Keenan has the details what told

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Speaker 1: Deuttere Bank was taking a civic look at businesses such

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Speaker 1: as credit, sweechs asset management as wealth management units, and

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Speaker 1: that the plan inside Doorscher was to be able to

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Speaker 1: move quickly should these kind of assets come onto the market.

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Speaker 1: They did not, end. Sources tell us the project has

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Speaker 1: since been put on hold, possibly to be revised at

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Speaker 1: a later time. Sukin in Bloomberg, New York. Here in

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Speaker 1: the UK, the cost of living crisis seems to be

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Speaker 1: fading a little, with one measure of consumer confidence making

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Speaker 1: a surprise rebound, Buttom Begs James Woolcock reports, given January's

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Speaker 1: print was the third lowest reading since records started, GfK's

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Speaker 1: latest consumer confidence survey as an improvement, the index jumps

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Speaker 1: seven points to minus thirty eight. It's the fastest increase

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Speaker 1: since March twenty twenty one, when the UK was emerging

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Speaker 1: from the pandemic. Expectations of falling energy bills and a

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Speaker 1: rapid decline inflation were behind the relative optimism, which suggests

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Speaker 1: some resilience amongst households. However, it also points towards continued spending,

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Speaker 1: which may concern the Bank of England as it weighs

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Speaker 1: how to raise interest rates in its fight against inflation.

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Speaker 1: In London, I'm James Walcock, Bloomberg, Daybreak Europe. So those

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Speaker 1: are our top stories on the program this morning. Of

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Speaker 1: the story that we have been watching though, is this

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Speaker 1: move around the European Commission to ban TikTok, the Chinese

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Speaker 1: video sharing app, from its official devices. This was an

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Speaker 1: order that staff got yesterday. They've a couple of weeks

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Speaker 1: to complete it. But we've been speaking to the head

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Speaker 1: of Bloomberg of TikTok's European public policy that say they

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Speaker 1: actually found out about it from media reports and that

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Speaker 1: they never contacted This is what Theobert Tramp says. They

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Speaker 1: never reached out to the company about any concerns they

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Speaker 1: had about the app. Okay, Yeah, the response from TikTok,

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Speaker 1: of course, from the spokesperson that they believe the suspension

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Speaker 1: is misguided based on fundamental misconceptions. But I think the

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Speaker 1: overall issue is that there is more weariness now and

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Speaker 1: indeed more action, it would seem around TikTok national security

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Speaker 1: concern in Europe, but also actually in the US. So

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Speaker 1: it's I think it's a really interesting story. Are you

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Speaker 1: a TikTok user? No, I'm not. I'm gonna say I'm

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Speaker 1: not young enough, but I'm actually not cool enough. I

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Speaker 1: well if you are cool enough. Of course, we had

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Speaker 1: our first radio TikTok out yesterday. Yes, Caroline, you're a

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Speaker 1: TikTok toright Now this is the thing. Next thing we're

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Speaker 1: gonna have you. You're gonna have you dancing in your

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Speaker 1: kitchen to like, you know, your UK economic data. It's

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Speaker 1: a thought for Friday morning. No, but you must have

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Speaker 1: a look at it because Blimberg does a great line

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Speaker 1: in TikTok's Actually and Helena Morris's Top Tips for women

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Speaker 1: in Finance has been turned into a little video. We

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Speaker 1: did a whole special series on it yesterday. Yeah yeah,

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Speaker 1: straight to your fans to check that out. Up next,

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Speaker 1: cup price citizenship attracting disillusioned Brits, the UK's carbon capture,

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Speaker 1: power plants at risk of moving, and salad imports are

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Speaker 1: down by half. Now the paper review on blue Bird

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Speaker 1: Daybreak Europe. The news you need to know from today's papers.

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Speaker 1: Falian Gerns joined us this morning for a look at

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Speaker 1: the newspapers, starting with the Telegraph, which has the headline

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Speaker 1: countries cut cost of citizenship to attract disillusioned British taxpayers.

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Speaker 1: Now that headline makes me a little bit Weariedly had

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Speaker 1: but tell me about the story. Yes, I will, indeed, Caroline,

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Speaker 1: and this is all about golden passports, which provide the

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Speaker 1: wealthier ticket to low tax destinations. Now, the Telegraph says

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Speaker 1: wealthy families are being driven from Britain by high taxes

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Speaker 1: and lured towards sunny, low tax nations which are now

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Speaker 1: cutting the cost of obtaining a citizenship. And the newspaper

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Speaker 1: looks at a report by the real estate specialists Astons

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Speaker 1: which has found the cost of golden passports has really

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Speaker 1: dropped in many countries. Caroline, the drop was actually the

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Speaker 1: steepest in Malta, where the cost of a citizenship has

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Speaker 1: fallen by forty percent, and that since twenty twenty, Malta

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Speaker 1: now requires a minimum investment of six hundred and nineteen

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Speaker 1: pounds into the country in order to get one of

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Speaker 1: these golden passports. Jordan saying Kitts and Nevis in the

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Speaker 1: Caribbean and Austria or also other countries attracting the wealthy

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Speaker 1: away from Britain. Now, speaking to the paper, Nisham Shah

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Speaker 1: of the tax specialist Blick Rothenberg says the UK has

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Speaker 1: really lost its way as a destination of wealth. However,

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Speaker 1: He also made the argument that the UK still has

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Speaker 1: good schooling, a rich history and a strong rule of law.

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Speaker 1: But there we are why golden passports are in the

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Speaker 1: Telegraph this morning. Yeah, it's interesting to attract this because

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Speaker 1: of course golden passports are controversial and other countries that

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Speaker 1: issue them as well. I mean, the European Union is

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Speaker 1: suing Malta over its golden passports scheme, saying that essentially

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Speaker 1: granting EU citizenship in return for prepayments or investments is

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Speaker 1: not compatible with EU law. That's that's the commissions are

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Speaker 1: argument anyway, So they're even in the places that are

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Speaker 1: offering them, they're often quite controversial. And also look, just

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Speaker 1: even using that phrase, right, golden passport is kind of

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Speaker 1: controversial because you know, there is a case to be

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Speaker 1: made that if you want to attract you know, wealthy entrepreneurs,

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Speaker 1: that you have to have a door for investor visas,

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Speaker 1: for for people to be able to move country if

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Speaker 1: that's what you decide to do. So even that terminology

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Speaker 1: is quite kind of controversial, but a nice story the end. Yeah,

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Speaker 1: and there's actually a great piece on the terminal if

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Speaker 1: you want to look up recently from from friend of

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Speaker 1: the show Charlie Wells, who's been talking about how European

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Speaker 1: countries are grappling at this idea of golden visas are

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Speaker 1: not the passport level, but the investment visas and the

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Speaker 1: rules changing about that to do. Check out that piece

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Speaker 1: by Charlie Wells as well. All Right, The Times newspaper

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Speaker 1: now says incentives could lure Dracks to the United States. Yes,

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Speaker 1: indeed it to Caroline Now Drags the Power Generator is

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Speaker 1: warning that it's two billion dollar project to build the

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Speaker 1: world's biggest carbon capture power station right here in Britain

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Speaker 1: is now at serious risk. The foot see two fifty

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Speaker 1: company wants urgent government action as America's Inflation Reduction Act

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Speaker 1: makes investing in the US far more attractive. You may

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Speaker 1: have heard about the IRA Act, which also helps electric

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Speaker 1: vehicle makers, but it also has increased the subsidies on

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Speaker 1: offer for carbon capture and storage projects. Now, Will Gardner,

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Speaker 1: he's the DRAX Chief executives and he's been speaking to

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Speaker 1: The Times, says we are increasingly excited about the opportunities

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Speaker 1: over in the US in relation to this IRA Act.

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Speaker 1: At the moment, and for several years, DRAX has been

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Speaker 1: planning for this big bio energy with carbon capture and

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Speaker 1: storage plant at its site near Selby in North Yorkshire,

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Speaker 1: which could create ten thousand jobs at the peak of

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Speaker 1: its construction. But now that may be under serious risk.

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Speaker 1: We are hearing that from the Chief Executive because they

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Speaker 1: want the UK government to possibly step up and give subsidies. Okay.

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Speaker 1: In the Flantel Times, the headline UK salad imports down

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Speaker 1: by half English growers Warren. Oh, yes, indeed, Stephen. So

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Speaker 1: a few of the red top newspapers like the Daily

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Speaker 1: Star and the Daily Mirror have inspiration from Marie and

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Speaker 1: t I. Yes, yes, yes, of course they do. But

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Speaker 1: they've turned to turnips now, I'm afraid the lettuce is

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Speaker 1: gone and the headline says let them eat turnips. Now

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Speaker 1: this comes after the Environment Secretary to raise coffee. She

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Speaker 1: was saying that turnips could be a new suitable alternative.

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Speaker 1: Why other vegetables remain in short supply. We did see

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Speaker 1: her yesterday. We did Hero speaking in the Commons, and

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Speaker 1: imports of salad and vegetables have dropped by a least

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Speaker 1: half according to the main group representing English growers for

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Speaker 1: UK supermarkets are rationing products and that includes peppers, cucumbers,

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Speaker 1: lettuces and tomatoes. This weig after frost in Spain and

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Speaker 1: North Africa. Now it's important to note that it's not

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Speaker 1: just because of this weather. There's other factors playing in

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Speaker 1: the UK has been especially affected by shortages because of

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Speaker 1: the extra journey to transport produce across the Channel, together

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Speaker 1: with comparatively low retail prices for vegetables, so we have

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Speaker 1: to look at it. It's not just the weather. There's

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Speaker 1: other things playing into that too. Yeah, there was a

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Speaker 1: real set too, wasn't there yet today between the minister

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Speaker 1: Torez Coffee and the National Farmers Union. That got a

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Speaker 1: lot of people's attention, you know about exactly what was

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Speaker 1: the blame. Minister try to say it was the weather,

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Speaker 1: and the farmers Union saying absolutely not, it's a market

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Speaker 1: failure anyway. It was very interesting. Thank you so much

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Speaker 1: Leanne Goins for that. Look through some important stories in

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Speaker 1: the newspapers this morning. Well let's get morning in the

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Speaker 1: situation in Ukraine a year after the Russian invasion, the

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Speaker 1: Ukrainian President Vladimir Lenski has been tweeting this morning. He writes,

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Speaker 1: on February twenty fourth, millions of US made a choice,

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Speaker 1: not a white flag, but a blue and yellow one,

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Speaker 1: not fleeing but facing, resisting and fighting. It was a

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Speaker 1: year of pain, sorrow, faith and unity. And this year

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Speaker 1: we remained invincible. We know that twenty twenty three will

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Speaker 1: be the year of our victory. That's what the Ukrainian

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Speaker 1: President Vladimir Zelenski has said. This morning, Let's go live

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Speaker 1: night to Kiev and bring in Bloomberg's Oliver Krook. Oliver,

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Speaker 1: good morning to you. What is Kiev like today after

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Speaker 1: the year that it's seen, Yes, Steven, I mean, you know,

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Speaker 1: just to procast our mind back one year the dawn

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Speaker 1: hours a year ago, this city was woken up, This

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Speaker 1: entire nation was woken up by explosions by aircraft sound

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Speaker 1: overhead and the shock of that. That was a shock

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Speaker 1: obviously internationally, but even to Ukraine. There was a shock

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Speaker 1: that this invasion was actually underway. And you saw the

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Speaker 1: images of these Russian troops rolling across the border, and

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Speaker 1: then the shock of war in Europe and the massive

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Speaker 1: column that was heading towards Key of Envy. Again, the

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Speaker 1: shock the key of that did not fall. And when

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Speaker 1: you take the train in here, you realize how close

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Speaker 1: the Russian troops came. The last place you go to

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Speaker 1: before you enter Kieva's buscha, where there was a horrible

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Speaker 1: massacre of civilians. But you realize it's just on the outstarts,

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Speaker 1: and how close the Russians came to seizing the seat

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Speaker 1: of government here. But a year later, Kiv still stands

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Speaker 1: the Lenskiest President. Ukraine continues to fight on the costs

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Speaker 1: has been immense for the people here. Hundreds of thousands

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Speaker 1: of people have been wounded and killed in battle. Eight

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Speaker 1: million people have been displaced from the train into Ukraine.

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Speaker 1: You see that it's mostly populated by women because men

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Speaker 1: are not allowed to leave the country from the eighties

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Speaker 1: of eighteen to sixty. So you know the fear that

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Speaker 1: this one year mark is going to be the first

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Speaker 1: of many more to come. But there's certainly the attitude

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Speaker 1: here in Kiev and Ukraine is defiant. Is that there

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Speaker 1: is no backing down. Yeah, absolutely, the case holding a

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Speaker 1: national minutes of silence, a plan for eleven am this

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Speaker 1: morning on this anniversary. What hopes are there though, of

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Speaker 1: a resolution of this conflicts. I think it's very difficult

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Speaker 1: to see how a resolution comes about. Right now, you know,

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Speaker 1: Ukraine has braced for the long haul. The United States,

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Speaker 1: you know, Biden came here to Key of extent a

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Speaker 1: very very strong signal, but again saying that we'll be

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Speaker 1: here as long as it takes and this has been

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Speaker 1: you know, echoed throughout. But there is a question over time.

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Speaker 1: It's not just dependent on Biden and the government. It

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Speaker 1: is also dependent on the populations of the United States

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Speaker 1: of Europe to want to continue to put the support forward.

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Speaker 1: Ukraine has all the will to fight, but it needs

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Speaker 1: that sort of financial and military support from the rest

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Speaker 1: of the world. The US, apparently overnight, you know, is

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Speaker 1: said to add another two billion dollars in support. That

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Speaker 1: that's the twenty seven point five billion dollars worth of

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Speaker 1: support the United States has already put forward, and that

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Speaker 1: needs to keep on coming in order to continue the fight.

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Speaker 1: You have this peace plan out from China overnight, this

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Speaker 1: twelve point plan that's calling for a cease fire, for

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Speaker 1: peace talks, but also eliminating sanctions. It does nothing to

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Speaker 1: discuss the problem of territory that Russia occupies in Ukraine.

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Speaker 1: That is obviously a red line for Zelensky and Ukraine.

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Speaker 1: So it's very difficult to see what the path it is.

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Speaker 1: You mentioned there that new military support coming from the US.

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Speaker 1: Is Ukraine getting the military support that it wants from

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Speaker 1: its allies now? So this is a question of what

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Speaker 1: the ambition is huge for what Ukraine is trying to

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Speaker 1: do if it wants to expel Russian troops from its borders.

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Speaker 1: So the big, you know, the big first line that

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Speaker 1: we crossed was these heavy tanks and the leopard tanks

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Speaker 1: which Ukraine is now getting. Then those will be you know,

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Speaker 1: deployed over the next weeks and months, and the question

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Speaker 1: is what is needed to stage a real counter offensive here.

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Speaker 1: We've descended a bit into trench warfare. There's not been

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Speaker 1: a lot of progress on either side. So the call

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Speaker 1: now is for fighter jets, which you know, again appears

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Speaker 1: to be a red line here, you know, for the West,

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Speaker 1: for the United States, the S sixteens um and so

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Speaker 1: I think it's going to be very difficult to see

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Speaker 1: if they will be able. And also these long range weapons,

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Speaker 1: and this is one of the things that Putin mentioned

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Speaker 1: in the speech himself. If they are a long wage

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Speaker 1: weapons deployed, they're going to have to push out and

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Speaker 1: they're going to have to take that as a as

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Speaker 1: a threat. So again you have to figure out where

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Speaker 1: these red lines are for putting, where these red lines

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Speaker 1: are for the West. But right now it's going to

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Speaker 1: take some meaningful support in order to have a counter

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Speaker 1: offensive of any note. Here in Ukraine, this is Bloomberg

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Speaker 1: Daybreak Europe. You're morning brief on the stories making news

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Speaker 1: need to start your day right here on Bloomberg Daybreak Europe.